The Verra has launched an open call for projects to pilot its SD VISta Nature Framework (PDF) and biodiversity methodology.
Donor Name: Verra
Country: Global
Type of Grant: Grant
Deadline: 08/04/2023
Details:
Pilot projects will have the opportunity to help shape the Nature Framework, and will be prepared to start the registration process once Verra publishes them.
Under its SD VISta Program, Verra is developing a new Nature Framework and biodiversity methodology, with the objective of unlocking new finance at scale to support high-quality nature conservation and restoration activities globally. The SD VISta Nature Framework (Nature Framework) encompasses concepts and core principles for nature credits, while the biodiversity methodology provides generalized measurement steps and characteristics of a standardized unit.
Following the methodology, project proponents will be able to verify biodiversity outcomes and issue tradable nature credits as standalone assets. Companies and investors will be able to buy the nature credits to support high-quality projects and local communities while derisking their value chains and contributing to a nature-positive world.
The Nature Framework will outline the core concepts and principles for nature credits, including social and environmental safeguards, that will ensure their integrity and quality. The Nature Framework will provide information about the characteristics of standardized units and their measurement, including additionality, project time commitment, credit durability, and baseline scenario.
Verra’s mission is to support climate action and sustainable development with standards programs that credibly, transparently, and robustly assess environmental and social impacts and enable funding for sustaining and scaling up these benefits.
Piloting Objective
The piloting process aims to test the clarity, reasonableness, local appropriateness, scalability, and ease of use of the Nature Framework and biodiversity methodology in real-life projects.
Scope and Responsibilities
- Pilot project proponents will be responsible for developing a simplified draft project description (PD) template (provided by Verra) and submitting it with supporting documents for Verra’s review. The draft PD should include detailed project design and implementation information and define how the project conforms to the draft Nature Framework and biodiversity methodology requirements.
- Verra will conduct a desk review of the information and provide pilot projects with technical support, including guidance and clarifications regarding the draft Nature Framework and biodiversity methodology requirements.
- During the piloting, the review and revision of project documents will help Verra refine the draft Nature Framework and biodiversity methodology. Participants will provide guidance and advice for Verra’s consideration but will not have decision-making power.
Benefits for Pilot Projects
- By participating in the pilot process, projects will receive the following benefits:
- Having the opportunity to help shape the Nature Framework and biodiversity methodology
- Joining a pipeline of projects ready to start the registration process once Verra publishes the biodiversity methodology.
Pilot Project Selection Criteria
- Verra seeks to select 15 projects to pilot the draft Nature Framework and biodiversity methodology, distributed across the following criteria:
- Activity: conservation and/or restoration of ecosystems
- Ecosystem: terrestrial, coastal, marine, or freshwater
- Intervention: natural or managed (e.g., agriculture)
- Diverse locations and biomes
- Land or rights holders: Indigenous Peoples (IPs) and Local Communities (LCs), private entities, or governments
- In addition to the above characteristics, Verra will also consider additional attributes when selecting projects:
- Ownership and management of projects (with priority to IPs and LCs)
- Magnitude of potential biodiversity benefits or outcomes
- Scalability and replicability
- Technical capability of the proponent
- Availability of startup funding
- Buyer or investor commitment
Piloting Activities and Estimated Timeline
Over five to eight months between August 2023 and March 2024, project proponents must be able to commit to the following without remuneration:
- Participating in one or two 60- to 90-minute introductory webinars providing an overview of the draft Nature Framework and biodiversity methodology requirements and the PD template
- Submitting an initial draft PD approximately one month after the introductory webinar (estimated October 2023)
- Submitting a second draft PD three weeks after receiving Verra’s comments (estimated mid-November 2023) that addresses those comments and incorporates any updated draft Nature Framework and biodiversity methodology requirements.
For more information, visit Verra.
